Maple Marathon buys 125 million units, to own 39% of company’s stock
By Devika Patel
Knoxville, Tenn., Nov. 9 – Long Run Exploration Ltd. said it revised the terms of its planned private placement of units with Maple Marathon Investments Ltd. to raise C$100 million. The deal priced for C$201.5 million on Aug. 4.
The company will now sell 125 million units of one common share and 0.728 warrants at C$0.80 per unit.
The warrants are each exercisable at C$1.10 for one year, a 92.98% premium to the Aug. 3 closing share price of C$0.57.
After the private placement, Maple Marathon will hold about 39% of the company’s outstanding stock.
Proceeds will be used for debt reduction.
Calgary, Alta.-based Long Run is an oil and natural gas company focused on light oil and NGL development and exploration in western Canada.
| Issuer: | Long Run Exploration Ltd.
|
| Issue: | Units of one common share and 0.728 warrants
|
| Amount: | C$100 million
|
| Units: | 125 million
|
| Price: | C$0.80
|
| Warrants: | 0.728 warrants per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.10
|
| Investor: | Maple Marathon Investments Ltd.
|
| Pricing date: | Aug. 4
|
| Revised: | Nov. 9
|
| Stock symbol: | Toronto: LRE
|
| Stock price: | C$0.57 at close Aug. 3
|
| Market capitalization: | C$62.89 million
|
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